Stock futures still positive as Macy’s add to retail woes

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Macy’s has cut its full year same store sales to 1.5-2% from 2.5-3% prior. Although they said that Q2 sales rose 3.3% they would not make up for the weather related weakness in the first quarter.

They reported earnings earlier and missed the market estimates. EPS came in at $0.80 vs $0.86 exp and sales were in at $6.267bn vs $6.299bn exp.

Stock futures had come of their highs but as we’re just opening stocks are printing in the green in the first few trades.

  • S&P +9pts to 1942
  • Dow +61pts to 16622
  • Nasdaq +20pts to 4409

US 10 year yields 2.43% -1bp

Looks like stocks are ignoring the retail data so look for the dollar to reverse the data driven losses if it continues.

 

 

 

Author: Ryan Littlestone

Ryan Littlestone has been working in financial markets for more than 20 years. Wide-eyed, he stepped out of Bank station in London to join LME founding member Rudolf Wolff where he worked his way to the main order desk and brokered customer orders to the LME floor and across virtually every global market. An opportunity to help set up and run a new LIFFE floor operation saw him catch the trading bug and it wasn’t long before the pull of the pits was too great to refuse. He became a ‘local’ and has been trading his own account for more than 11 years.

2014-08-13T13:34:07+0000

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Ryan Littlestone

4 Comments

  1. I’m gonna say no to that. Stocks are doing what they are supposed to be doing (they tend to ignore news all around – unless it is cataclysmic. Nasdaq should move 10 points higher and then reverse – so… hoping for major dollar strength is not the way to go.

  2. “Stocks are doing what they are supposed to be doing”
    Back in the day stocks used to move on such data as they were the underlying fundamentals to their whole existence. What a world we now live in eh? ;-)

  3. Hi Ryan. Do you still want to go long GBP/USD ?

  4. I took a small long at 1.6700 purely on the technical support. The wage data this morning and inflation report suggests that the chances of seeing a vote change next week are very slim.

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